AGM Statement and Trading Update
Source: RNS
6 September 2024
Gear4music (Holdings) plc
AGM Statement and Trading Update
Gear4music (Holdings) plc, ('Gear4music' or 'the Group') (LSE: G4M), the UK's largest retailer of musical instruments and music equipment, will hold its Annual General Meeting at 10.30am today.
At the meeting Gear4music's Executive Chair, Andrew Wass, will make the following statement:
"We are pleased to report that trading during the financial year to date has been in line with the Board's expectations.
Having successfully reduced our net debt and operating costs during FY24, during the early stages of FY25 we have focused on implementing the growth strategy outlined in June and expect this to start delivering results in the second half of this year.
We are well prepared operationally for the upcoming seasonal peak trading period, and the Board remains confident of the delivery of our medium and longer-term profitable growth strategy.
The Group intends to release a trading update for the six-month period ending 30 September 2024 on 22 October 2024, followed by half year results on 19 November 2024."
* Gear4music believes that consensus market expectations for the year ending 31 March 2025 prior to release of this announcement were revenues of £154.7 million, EBITDA of £11.7 million and PBT of £2.8 million.
ENDS
Enquiries:
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Gear4music Andrew Wass, Executive Chair Gareth Bevan, Chief Executive Officer Chris Scott, Chief Financial Officer |
+44 (0)20 3405 0205 |
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Singer Capital Markets - Nominated Adviser and Sole Broker Peter Steel/Sam Butcher, Corporate Finance Tom Salvesen, Corporate Broking |
+44 (0)20 7496 3000
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Alma Strategic Communications - Financial PR Rebecca Sanders-Hewett Joe Pederzolli David Ison |
+44 (0)20 3405 0205 Gear4music@almastrategic.com |
About Gear4music (Holdings) plc
Operating from a Head Office in York, Distribution Centres in York, Bacup, Sweden, Germany, Ireland & Spain, and showrooms in York, Bacup, Sweden & Germany, the Group sells own-brand musical instruments and music equipment alongside premium third-party brands including Fender, Yamaha and Roland, to customers ranging from beginners to musical enthusiasts and professionals, in the UK, Europe and the Rest of the World.
Having developed its own e-commerce platform, with multilingual, multicurrency websites delivering to over 190 countries, the Group continues to build its overseas presence.
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